Overnight Markets: Tech shares lead US stocks mostly higher

Wall Street gained on Wednesday, with the Nasdaq closing at a record high, supported by a surge in large-cap tech and consumer discretionary names even if the trade dispute between the US and China gets worse.

The Dow Jones Industrial Average declined 42 points, or 0.17%, to 24,658, the S&P 500 gained five points, or 0.17%, to 2,767 and the Nasdaq Composite added 56 points, or 0.72%, to 7,782.

Elsewhere, shares in Boeing Co, which has acted as a proxy for trade fears, added 0.5% after six straight declines and kept the Dow near the unchanged mark.

After an escalating trade spat with China, the US is also under fire from other countries for its protectionist measures. The European Union will start charging import duties of 25% on a range of US products from Friday.

Chip stocks, which derive a large part of their revenue from China, were trading higher.

Shares in General Electric Co fell 0.5% on news the company will be removed from the index prior to the start of trading on 26 June. Walgreens Boots Alliance Inc, which will replace GE, jumped 5.2%.

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